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Cooperative Teachers Credit Union Gives Back $90,000 in Bonus Dividends to Members

Wednesday, January 28, 2015 6:50 AM

Cooperative Teachers Credit Union has announced that a $90,000 dividend was paid to its member-owners on Dec. 26, 2014. The board of directors approved the dividend payout at the board meeting held on Dec. 15, 2014.

The active participation of both borrowers and savers contributed to a successful year for the credit union. The bonus dividend was paid to every member with an active share account. The divided amount was based on the length of the account and the average balance of the account for the year.

On average, CTCU pays out $32,000 in monthly dividends to its membership, so the bonus divided is the equivalent of an extra two-and-a-half months of dividend payout. This is the second time CTCU has given its members a cash dividend at the end of a successful year. The bonus dividend was distributed two years consecutively in 2013 and 2014 paying out $90,000, respectively, both years.

"Our ability to payout a bonus dividend to our members is a testament to the sound lending decisions and efficient operation that has kept us a strong, secure, and reliable organization," said CTCU CEO Tim Miller.

"Our member-owners demonstrate their continued support, loyalty, and faith in the financial strength of CTCU, and it’s our way of saying thank you," said Wayne Boshears, chairmain of CTCU's board of directors. "The payment of this bonus dividend proves our continued commitment to serve our members to the best of our ability."

CTCU was chartered in 1953, with an open membership for anyone who lives, works, or worships in Smith County. The credit union is federally insured and operated for the benefit of its members who share in the company's performance. Dividends are one of the important ways that CTCU membership receives value from the company's success. Visit www.coopteachers.com for more information.